CSCS Seeks Accelerated AI Integration to Address Rising Cybercrime

The Central Securities Clearing System PLC (CSCS) has called for the immediate integration of artificial intelligence (AI) into Nigeria’s cybersecurity framework to address escalating cybercrime.

This appeal came during the conclusion of the 2024 Cybersecurity Conference in collaboration with the Office of the National Security Adviser (ONSA), which gathered experts from the military, technology, finance, and government sectors.

In his keynote address, Nigeria’s Vice President, Kashim Shettima emphasized the critical role of cybersecurity in ensuring economic stability, stating, “It is not just a technical issue.”

He reiterated the government’s commitment to enhancing cybersecurity initiatives and incorporating AI solutions to protect vital national infrastructure. Shettima commended the efforts of ONSA and CSCS leadership in fostering a secure digital environment that promotes investment and innovation.

CSCS CEO, Haruna Jalo-Waziri pointed to the alarming economic impact of cybercrime citing the 2024 Cybersecurity Ventures Report which revealed that “cybercrime will cost the global economy over $10.5 trillion this year, up from $3 trillion just a few years ago. This underscores the need for enhanced cybersecurity, especially with the 45 per cent increase in ransomware attacks globally, as reported by Check Point Research.”

He further cautioned on the effect of social media in amplifying misinformation. He therefore called for the building of trusted networks and the creation of air gaps “that protect critical systems from emerging risks.

On his part, the Director General of the Securities and Exchange Commission (SEC), Emomotimi Agama discussed AI’s pivotal role in capital markets, asserting, “AI-driven systems enhance surveillance, detect fraud, and manage risks.” He stressed that the effectiveness of these technologies hinges on the strength of underlying infrastructure.

While admitting the benefits of AI integration, National Cybersecurity Coordinator Ahmad Saad Abubakar warned that increased reliance on interconnected systems heightens vulnerability. “Our susceptibility to cyber threats is amplified by AI,” he noted, urging for proactive measures to mitigate potential risks.

Temi Popoola, Chairman of the CSCS Board and CEO, NGX Group, highlighted the critical importance of data security for maintaining public trust, stating, “A single cyberattack today can disrupt entire nations.” He outlined CSCS’s investments in advanced technologies like blockchain and quantum-resistant cryptography.

Stakeholders collectively called for enhanced collaboration between public and private sectors to cultivate human capital equipped with AI-driven tools, essential for navigating the complex cyber landscape.